By Paul A. Harris
Portland, Ore., Oct. 11 – OCI NV priced a cross-border offering of five-year senior secured notes (Ba3/BB/BB) in two upsized tranches on Friday, according to market sources.
The deal featured an upsized $600 million amount of 5¼% notes that priced at par to yield 5.249%. The dollar tranche was upsized from $500 million. The yield printed at the tight end of the 5¼% to 5½% yield talk. Initial talk was in the low 5% area.
It also featured an upsized €700 million amount of 3 1/8% notes that priced at par to yield 3 1/8%. The tranche was upsized from €500 million. The yield printed at the tight end of yield talk in the 3¼% area.
Global coordinator and joint bookrunning manager Goldman Sachs International will bill and deliver. Barclays and Citigroup were also global coordinators and joint bookrunning managers.
Proceeds will be used to refinance credit facilities at OCI Partners and to repay drawings on credit facilities at OCI NV. The additional proceeds resulting from the $100 million and €200 million upsizings of the respective tranches will be used to repay drawn amounts under the revolving credit facility.
OCI is a Netherlands-based producer of fertilizers and chemicals.
| Issuer: | OCI NV
|
| Maturity: | Nov. 1, 2024
|
| Securities: | Senior secured notes
|
| Global coordinators: | Goldman Sachs International (bill and deliver), Barclays and Citigroup
|
| Joint bookrunning managers: | Goldman Sachs, Barclays and Citigroup
|
| Joint bookrunners: | BofA Securities, BNP Paribas, Credit Agricole, HSBC, JPMorgan, Rabo and SG
|
| Trade date: | Oct. 11
|
| Settlement date: | Oct. 18
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Dollar notes
|
| Amount: | $600 million, increased from $500 million
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5.249%
|
| Spread: | 366 bps
|
| First call: | Nov. 1, 2021 at 102.625
|
| Price talk: | 5¼% to 5½%
|
|
|
| Euro notes
|
| Amount: | €700 million, increased from €500 million
|
| Coupon: | 3 1/8%
|
| Price: | Par
|
| Yield: | 3 1/8%
|
| Spread: | 384 bps
|
| First call: | Nov. 1, 2021 at 101.563
|
| Price talk: | 3¼% area
|
| Price talk: | 3 ¼% area
|
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